In the general sense, budget is a document of income and expenditure. It determines how much you earn and how much you spend. But according to modern economics, the budget is a constitutional and political document, which also mentions policy and budget matters. The budget combines the interests of the people and the policies of the government.The government, the state and the political parties are trying to take the issues of development to the people. These things are done by finalizing the constitution and the periodic plan through the budget. The budget is a matter of concern to the general public, industrialists, political parties and the state.
Budget formulation process
Budget is a matter of politics and economics. The budget is related to the constitution. The constitution provides guidance that the budget should be like this. Periodic planning is done as per the constitution. The Constitution of the Federal Republic of Nepal has protected 32 fundamental rights and entitlements.The issue of tax collection, the issue of spending, who has the right in these issues is mentioned in the constitution of Nepal. If we look at the constitution of Nepal, it is mentioned that an independent and self-reliant economy will be built. There are some laws in Nepal regarding budget formulation.
Implementation of the budget
Everything is prepared and implemented by the provinces. The next cycle of the budget is to monitor whether the budget has been implemented or not. The work of an independent auditor is performed by the Auditor General. The Auditor General prepares reports on budget implementation.
Preparation of budget
In Nepal, preparations for the budget start from Kartik. The budget should be presented in the parliament on May 30. The Ministry of Finance, National Planning Commission, other concerned Ministries, District Development Committees, Municipalities, Village Development Committees, local bodies for local level are involved in the preparation of the budget.
Similarly, NRB works from its own place on how to take monetary policy. Experts, planners, even the media are helping in the budgeting work by highlighting various things. Every organization and body is engaged in budget formulation. Different organizations have given budget related models, it is called sample budget. People do not understand all the big budget books. Therefore, the state works to make it a simple citizen budget.